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Earlier this week, the Vanguard Newspapers held a forum with some distinguished guests to discuss the issue of the falling value of the Naira. Experts in attendance included: former Minister of Finance, Dr. Kalu Idika Kalu; Director, Lagos Business School, Professor Pat Utomi who moderated the event; former Economic Planning Minister, Senator Sanusi Daggash; Mr. Jimoh Ibrahim, Chairman, NICON Group; NACCIMA President, Mr. Simeon Okolo; Mr. Opeyemi Agbaje of the Lagos Business School and Vanguard columnists, Les Leba and Dr. Dele Sobowale, among others.
In my opinion, Dr Idika Kalu hit the nail on the head – the main problem is the fact that NIgeria is too dependent on the banking industry which makes up over 50% of the stock exchange and is currently the major employer of labor outside of the government. What we need is a strong manufacturing economy.
And I very very much disagree with Jimoh Ibrahim who is suggesting that the CBN prints more Naira. That is a bunch of bull. It is nonsense. Printing more Naira will increase the risk of inflation and will sink the country into a recession. It can also result in the downgrading of our credit ratings which will affect the flow of foreign investments.
I know that there is little informational value to these pictures. Here is Ojo Maduekwe meeting with Hillary Clinton:
Here is Afrinvest’s response to the recently announce CBN policy changes. I think a substantial part of their analysis is spot on. Some of the main points are:
The Central Bank of Nigeria’s Bankers Committee held an emergency meeting over the weekend to discuss the challenges facing the banking sector. The following decisions were reached:
Here are the market reports for the week ended March 20th 2009 from FSDH, Forte Assets and Zenith Capital:
Here is the stock market report for the week ended March 20th 2009:
The Guardian Newspapers is reporting that the following 6 companies are to list their shares on the NSE:
Here are the weekly market reports from Zenith Securities, FSDH and Forte Assets:
Here are the best and worst stock performers for the week ended March 13th 2009:
Stock Market Report For The Week Ended march 13th 2009
Below are the recently released company results
Here is Zenith Securities’ analysis of Total Nigeria.
Zenith gives the stock a HOLD rating.
This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!